Business Summary
We are one of the nation's leaders in producing both recreational vehicles and manufactured housing. We also operate three supply companies that provide components for the recreational vehicle and housing operations, while also generating outside sales.
We sold 18,730 recreational vehicles in fiscal 2008. In calendar 2007, we held a 7.6% share of the overall recreational vehicle retail market, consisting of a 16.4% share of the motor home market and a 5.9% share of the travel trailer market. For calendar year 2007, our motor home business was in second position in its market segment and the travel trailer division was in fourth position. These statistics exclude units shipped by our former folding trailer subsidiary, which was sold subsequent to fiscal year end and is now presented as a discontinued operation in this report. The former folding trailer division was the leader in national market share in that segment in calendar year 2007.
In fiscal 2008, we shipped 12,337 manufactured homes, or HUD-Code homes, which are homes manufactured in accordance with regulations published by the Federal Department of Housing and Urban Development. In calendar 2007, the manufactured housing industry had an 8.4% share of single-family housing starts. We had a 13.4% share of the manufactured housing wholesale market and a 13.8% share of the retail market in calendar 2007. We were the second largest producer of HUD-Code homes in the United States in terms of units shipped and retail sales in calendar 2007.
Our business began in 1950 as a California corporation producing travel trailers, which quickly evolved to what are now termed manufactured homes. We re-entered the recreational vehicle business with the acquisition of a travel trailer operation in 1964. The present company was incorporated in Delaware in 1977, and succeeded by merger to all the assets and liabilities of the predecessor company. We conduct our manufacturing activities in 14 states within the U.S., and to a much lesser extent in Mexico. We distribute our manufactured products primarily through a network of independent dealers throughout the United States and Canada.
The following table sets forth revenues by business segment and the relative contribution of these revenues to total revenues for the past three fiscal years. Information with respect to operating income (loss) and identifiable assets by industry segment is shown in the Notes to Consolidated Financial Statements in this annual report.
| Fiscal years ended April | |||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2008 | % | 2007 | % | 2006 | % | ||||||||||||||||||
| (Amounts in thousands) | |||||||||||||||||||||||
| Recreational vehicles: Motor homes |
$ | 919,578 | 55.4 | % | $ | 961,925 | 50.1 | % | $ | 976,698 | 41.6 | % | |||||||||||
| Travel trailers | 219,014 | 13.2 | 391,310 | 20.4 | 551,501 | 23.5 | |||||||||||||||||
| RV supply | 24,449 | 1.5 | 47,651 | 2.5 | 49,933 | 2.1 | |||||||||||||||||
| 1,163,041 | 70.1 | 1,400,886 | 73.0 | 1,578,132 | 67.2 | ||||||||||||||||||
| Housing Group | 496,939 | 29.9 | 518,461 | 27.0 | 795,877 | 33.9 | |||||||||||||||||
| Intercompany sales | — | — | — | — | (25,627 | ) | (1.1 | ) | |||||||||||||||
| $ | 1,659,980 | 100.0 | % | $ | 1,919,347 | 100.0 | % | $ | 2,348,382 | 100.0 | % | ||||||||||||